A few months ago there were just 500 properties actively listed in Scottsdale–today, that number sits at 467. Inventory has fallen not just in Scottsdale, but across the county. Let’s take a peek at my Scottsdale market update for March 2022.
Buyers are flocking to Scottsdale from all over the country and many are paying cash–this has made it difficult for financed buyers to lock up property. As of March 30, there are 1183 properties under contract and 123 that are “coming soon”. The coming soon properties range in price from $225K to $28M–the average price being $1.62M. Indeed, the average sale price in Scottsdale has increased dramatically over the past year–see the graph below.
Here are some additional MLS stats:
- Average days on market for recent sales: 33
- Average sold price per square foot: $431
- Average sale price since February 1, 2022: $1,093,640
- Average list to sale price ratio: 1.03
Scottsdale Luxe Market
Of the 467 active listings, 287 are luxury listings. There are 481 pending sales and 54 “coming soon” properties. Since February 1, 2023, there have been 486 luxury sales with a low price of $955K and a high price of $9.8M.
Luxury MLS stats:
- Average days on market for recently sold properties: 44
- Average sold price per square foot: $544
- Average list to sale price ratio: 1.02
This graph shows how the under contract average price per square foot has changed since 2020:
Many industry experts expected at least some softening in the market due to higher interest rates–for now, the market still has legs. If rates get to 5.5% percent, I think we will see at least some slow down–longer marketing times for listings may lead to more inventory because sellers may feel like they can lock up a home should they decide to downsize or move-up to something larger.
Thanks for reviewing my Scottsdale market update for March 2022. If you have a question about Scottsdale real estate, please reach out.